Insurance Regulatory and Development Authority (IRDA) is sensitive to the special needs of Senior Citizen Policyholders
It has been intervening proactively with regulatory actions such as:
- In 2006/2007 when some insurers drastically raised hosplitalisation policy premiums, it laid down a cap for such revision
- A Committee on Health insurance for Senior Citizens was constituted to go in to special requirements
- A large number of recommendations of this committee were implemented
- IRDA has also issued the following instructions about health insurance for senior citizens to insurers:
- Individuals should be allowed to buy a new health insurance policy up to the age of 65
- Any rejection of a proposal for health insurance of a senior citizen should be in writing with reasons
- A senior citizen policyholder should be given an option to change his TPA wherever practicable
- At least 50% of the cost for pre-insurance medical examination may be reimbursed where the risk is accepted by the insurer
- No insurer can refuse the renewal of a health insurance policy except on grounds of
- Fraud
- Moral hazard or
- Misrepresentation